Firm nears takeover of Indiana Limestone Co.

BLOOMINGTON, Ind. — An investment firm is poised to take over a financially troubled southern Indiana company that supplied limestone to the Empire State Building, the Pentagon and other iconic buildings.

A bankruptcy court auction for Indiana Limestone Co. set for Monday was called off after only a subsidiary of suburban Chicago private equity firm Wynnchurch Capital expressed interest in bidding, The Herald-Times reported.

The firm is now in line to buy the limestone company’s assets for $26 million. The company filed for bankruptcy protection in February and notified state officials it would lay off 166 workers from its Bloomington operations and Oolitic headquarters.

Indiana Limestone President Duffe Elkins said the business is expected to reopen and rehire workers after the new ownership takes charge.

“The new corporation will go through a rehiring process,” he said. “The plan hasn’t changed.”

The Wynnchurch subsidiary — Indiana Commercial Finance — bought a large portion of the limestone quarrier and fabricator’s debt in January and has been tabbed to place an opening auction bid since Indiana Limestone Co. filed for Chapter 11 bankruptcy protection.

If a federal bankruptcy court judge in Delaware approves the Wynnchurch deal, the purchase should close in early May, Elkins said.

Duncan Bourne, Wynnchurch’s managing director, said he wasn’t ready to discuss its plans for the limestone company, which was founded in the 1920s and also supplied limestone for the National Cathedral in Washington and 35 state capitol buildings.

“It’s not the right time,” he said. “There’s still ongoing courtroom activity.”